Losing Big on the Exchange 110,000 per year :(

[ameroindustries]

Is there any way outta this ... Currently im losing about 6% per Transaction on Usd dollar exchange .. Because im selling the dollars on paypal then rebuying them back with my bank and this is getting Awful . Im losing enough for 3 employee's salary's a year .

Opening a usa bank account ? what are the laws with this with a company .

I guess i could sell in Canadian dollars but it would drive my sales down im sure more than 2.5% which would not make it feasible and confuse / drive away my American customers .

[recped]

Yes, having a credit card on file does not remove your ability to make "one time" payments to your eBay seller account from your PayPal account (as long as you do it before eBay charges the credit card).

Or you can have PayPal as the automatic payment method.

[pjcdn2005]

The secret is to have BOTH a US dollar denominated account and a credit card denominated in US dollars.

Right, but the way I understand it, Paypal will not deposit U.S.$ from my Paypal account into a U.S.$ account at a Canadian bank. (why is that?) If that's correct, then I won't have US money to put into that account unless I convert it which defeats the whole purpose. Or is there another way of doing it other than opening an account in the states?

[pjcdn2005]

Or you can have PayPal as the automatic payment method.

Thanks recped, I could do that and just make sure I have money in there around the 15th. I've never been a fan of any sort of automatic payment systems...I guess I prefer having the control of deciding when, none of my bills are paid automatically. Paying them each month also keeps me more aware of the costs.

I have a feeling that I am going to have to add a credit card regardless. I'm just waiting in queue at live chat. Ebay won't let me post any listings because my bill has exceeded the limit but they won't let me pay because I have exceeded the limit. sheesh lol

[dipmicro]

I've never been a fan of any sort of automatic payment systems

Depends on your mode of operation. I am finding that paying entire monthly invoice of say $1,500 in one chunk from PayPal balance defeats the purpose of "automatic" because I need to make sure money is there and keep checking. Instead I do "one time payment" in small increments several times through the week to maintain the eBay balance low. When invoice is calculated, there is most of the time nothing to pay.

It would be nice to have an operating $5k on the account at all times (or whatever your monthly business expenses are), but I don't have that luxury.

And yes, I pay my credit cards off the last moment and always only slightly over required amount on the statement using them as very nice cash-flow buffer as Pierre shown.

I also prefer doing my purchases via credit card before any Net30 BS. The reason? Not on your eyes = not on your mind. I hate getting forgotten bill reminders due tomorrow.

[recped]

My fees don't change very much from month to month so it's easy to always ensure I have that minimum left in the account around the 10th of the month, eBay fees are usually about 3 days revenue, the day after they take the payment I usually transfer out the balance.

For other stuff like regular bills I'm with you, I prefer to initiate the payments when I want rather than automatic debit.

[pjcdn2005]

My revenue has really been up and down lately so Iike dipmicro, it would be a pain to have to make sure that I had enough money in my paypal account at that time. Today I did have to set up automatic payments through Paypal for my ebay bills although I don't plan on using it.But it was the only way I could list anything.

As I mentioned earlier I couldn't list because I was over ebay's $200 limit. So I paid them $100 to get my balance down but I still couldn't list. Tried again..no luck.I checked and it wasn't coming out of my paypal account and the balance on my ebay account wasn't going down. After 3 tries, the ebay system wouldn't let me try to pay again. At this point I was very frustrated because I really wanted to list some things but I couldn't.

Went to live help..waited about 40 minutes. Talked to someone there for about 10 minutes and they said they were going to connect me to billing. Then my chat window went a bit wonky so I had to start from square one again. That's when I decided to set up the automatic billing to see if I would then be able to list.It worked.

Then I phoned Paypal and they had no record of any of my payments. Talked to ebay and they could see 3 pending payments totaling $280. So they could see each time I tried but Paypal wasn't seeing it. Talked to Paypal again..then ebay....
They were all very nice but none of them know what is going on. I was told to wait 24 hours and see what happens. Hopefully it will fix itself.

[pierrelebel]

"I understand it, Paypal will not deposit U.S.$ from my Paypal account into a U.S.$ account at a Canadian bank"

That is correct. PayPal has never allowed transfer of US$ to a US dollar denominated account held at a Canadian bank.

While it is technically possible to transfer US$ from/to US dollar denominated accunts within Canada (HyperWallet does it), I suspect the problem is related to the fact the funds initiate from the USA and there may be some US regulations (dealing with drug money laundering) forbidding the practice.

To withdraw US$ from PayPal, you need a bank account at a bank located in the USA. It is very easy to set up and well worth the effort on the long run.

[axe_n_gear_music]

PJC:
Axe, When you changed to U.S. did you have to give them a credit card number so that they could bill your account to it? I thought I had read something about that when I was going to change mine to be billed in U.S.$

Hi, No I did not have to give them a credit card number. Also should be noted that you can only change your billing currency once a year.

Cheers,
AXE

[dipmicro]

To change your billing currency, go to the Site Map (link near the top at right) and select
"Change Your Billing Currency " (middle column at bottom)

This was excellent advice, thank you Pierre !

However, anyone intending to do this, beware and switch at beginning of billing cycle, because eBay splits billing account into CAD and USD accounts, creates two invoices (one for each account) for the current billing cycle and PowerSeller discount is only applied to the second invoice.

[mygshockshop]

hey guys,.. in my ebay account I now have a US and a Canadian account.. but when I come to pay fees, it only lets me pay the US side fees but I still have a balance in my Canadian and its still going up... any suggestions? Thanks and happy holidays!

[pierrelebel]

This situation only applies if you recently change your billing currency from US$ to Cdn$ or vice versa.

Once old listings are sold or deleted, the problem will solve itself automatically and your monthly bill will be sent to you in the currency you have selected.

[pierrelebel]

For more information, please take a look at this http://pages.ebay.ca/help/sell/billing-currency.html

[mygshockshop]

Thanks.. Looks like I didnt follow the instructions like I was suppose to do.. Now im getting billed in both currency, and when I want to pay my invoices it only lets me pay the new US one...

The Canadian one is now getting bigger and I cant even take care of it..

[dipmicro]

Now im getting billed in both currency

See this thread.

Basically you need to end all your GTC listings and relist them again.

The Canadian one is now getting bigger and I cant even take care of it..

Click "one time payment", type an amount, click "Pay" then it asks which account you want to pay. Otherwise wait till eBay takes the payment automatically.

[mygshockshop]

Thanks for your help and for making a new thread 🙂